Square Launches Initiative To Ensure Patents Don’t Get In The Way Of Cryptocurrency Innovation

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Square Inc (NYSE: SQ), the financial technology company co-founded by Jack Dorsey, has launched an initiative to encourage open-sourced innovation-sharing in the cryptocurrency domain.” data-reactid=”19″>Square Inc (NYSE: SQ), the financial technology company co-founded by Jack Dorsey, has launched an initiative to encourage open-sourced innovation-sharing in the cryptocurrency domain.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What Happened: &nbsp;The company launched COPA or Cryptocurrency Open Patent Alliance, which addresses the patent lockup concern, on Thursday.” data-reactid=”20″>What Happened:  The company launched COPA or Cryptocurrency Open Patent Alliance, which addresses the patent lockup concern, on Thursday.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The fintech company claimed that locking up foundational cryptocurrency technology via patents would negatively impact innovation and adoption of digital assets, as earlier reported by CoinDesk.&nbsp;In some cases, companies also file “pre-emptive patent” for potential ideas without an intent to follow through, just to keep competitors at bay.” data-reactid=”21″>The fintech company claimed that locking up foundational cryptocurrency technology via patents would negatively impact innovation and adoption of digital assets, as earlier reported by CoinDesk. In some cases, companies also file “pre-emptive patent” for potential ideas without an intent to follow through, just to keep competitors at bay.

COPA aims to address these bottlenecks to innovation by creating a shared library for members.&nbsp

“We believe that cryptocurrency’s success depends on the community coming together to build and develop upon existing technologies to innovate, which is not possible when parties tie up foundational technology in patents and litigation,” the Dorsey-led company said in statement.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Why It Matters: COPA will function as a separate entity from Square, a spokesperson for the payments company confirmed to CoinDesk.” data-reactid=”28″>Why It Matters: COPA will function as a separate entity from Square, a spokesperson for the payments company confirmed to CoinDesk.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The organization presents an opportunity for companies like&nbsp;Microsoft Corporation&nbsp;(NASDAQ: MSFT) and&nbsp;International Business Machines Corp.&nbsp;(NYSE: IBM), both of which have filed for cryptocurency-related patents in the past year, to be able to share technological innovations, alongside companies operating in the industry.” data-reactid=”29″>The organization presents an opportunity for companies like Microsoft Corporation (NASDAQ: MSFT) and International Business Machines Corp. (NYSE: IBM), both of which have filed for cryptocurency-related patents in the past year, to be able to share technological innovations, alongside companies operating in the industry.

Dorsey has betted big on cryptocurrencies, including touting Bitcoin as the most viable currency for the internet. Square also reported a $750 million of revenue from the world’s apex cryptocurrency in its latest quarter last month.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Price Movement: &nbsp;After a 2.18% decline during trading hours on Thursday, Square stock marginally gained 0.34% in the extended trading hours to close at $141.55.” data-reactid=”31″>Price Movement:  After a 2.18% decline during trading hours on Thursday, Square stock marginally gained 0.34% in the extended trading hours to close at $141.55.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”37″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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